Exclusive: West End bounces back with rush for fresh office space October 20, 2022 The West End has come roaring back to life after firms committed 1.2m sq ft of office space in the third quarter. A race for space is also heating up, with the post-pandemic renaissance of the capital’s shopping heartland seeing prime rents for offices soar 6.5 per cent in the past year, data from Knight [...]
Bank of England’s Broadbent urges markets to curb rate expectations October 20, 2022 One of the Bank of England’s top officials has today warned markets not to get carried away with the number of rate rises coming down the line. Ben Broadbent, a member of the monetary policy committee (MPC) and a deputy governor at the Bank, said Threadneedle Street’s internal calculations worked out the response to the [...]
AJ Bell assets dip 2 per cent despite investor surge October 20, 2022 Retail investment platform AJ Bell said its customers’ assets had dipped two per cent in the past year as volatility on the markets offset a surge in investors pouring onto its platform.
National Express boss: UK economic environment ‘catalyst’ for shift to coach travel October 20, 2022 The UK’s economic woes have become a “catalyst” for the modal shift to coach and bus travel, according to National Express. Chief executive Ignacio Garat told City A.M. that coach and bus travel has “proven to be the most efficient” way to get around the country. “It is the most cost effective mode of transport [...]
Schroders assets plunge £21bn as volatility rocks asset managers October 20, 2022 Schroders said its assets had plunged by nearly £21bn in the past quarter as it became the latest asset manager to report its holdings had been ravaged by geopolitical volatility and a looming recession this year.
Demand destruction? Two reasons to be sceptical October 20, 2022 Global central banks have made an ‘all-in’ effort to front-load monetary policy tightening to dampen demand. But softer economic data in the eurozone and United States have exacerbated recession fears. As the growth outlook dims, many anticipate demand destruction to lead to lower inflation. That is, tighter monetary policy and the associated higher funding costs [...]
Explainer-in-brief: Triple locked and loaded, the fight over pensions October 20, 2022 Among the plethora of recent U-turns, Liz Truss might have just backed herself into another corner she’ll have to reverse ferret on: the pensions triple lock. In the Commons yesterday, Liz Truss said it was a manifesto promise they were committed to keeping. We’ve heard that before. It was in stark contrast to Jeremy Hunt, [...]
Naked Wines admits ‘mistakes’ as retailer sets out shake up October 20, 2022 Naked Wines has announced a shake up of the business in a bid to cut costs,including 30 redundancies. The wine retailer, which enjoyed booming sales in the pandemic, said it had “made mistakes” while pursuing “rapid growth.” Low consumer confidence and high levels of supply chain inflation had resulted in an underwhelming performance for the [...]
Travis Perkins has strong sales growth in Q3 but prepares to ‘tightly manage’ cost pressures October 20, 2022 The UK’s largest distributor of building materials Travis Perkins had strong sales growth in the third quarter of the year, but is preparing to weather an inflationary winter. The firm had sales growth of 10.7 per cent while its merchandising business had 11.5 per cent, outperforming the individual market. The company’s arm which deals with [...]
Spam sales up nearly 40 per cent at Waitrose as price hikes bite October 20, 2022 BRITAIN’S DISCOUNT retailers are set for a winter windfall – with even Waitrose shoppers turning to spam and fish heads as the cost of living crisis bites. The sales of both have risen more than a third at the high-end supermarket over the past year, the firm confirmed overnight. Analysts reckon budget grocers like Aldi [...]